645B.400 - "Residential mortgage loan originator" interpreted

645B.400. "Residential mortgage loan originator" interpreted

1. As used in NRS NRS 645B.01325, the term "residential mortgage loan originator" is interpreted not to include a person or entity which only performs real estate brokerage activity and which is licensed or registered in accordance with Nevada law, unless the person or entity is compensated by a lender, mortgage broker, mortgage banker or other residential mortgage loan originator or by any agent of such lender, mortgage broker, mortgage banker or other residential mortgage loan originator.

2. As used in this section, "real estate brokerage activity" has the meaning ascribed to it in section 1503(3)(D) of the S.A.F.E. Mortgage Licensing Act.

Added to NAC by Comm'r of Mortgage Lending by R035-10, eff. 7-22-2010

NRS 645B.060, 645F.292, 645F.293

REVISER'S NOTE.

The language in this section is taken from Section 1503 of the S.A.F.E. Mortgage Licensing Act, 12 U.S.C. ยง 5102(3)(A)(iii).

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